Charlotte Allen has an excellent essay at Minding the Campus on the folly of federal financial aid for college students. She ends on exactly the right note: that it was a mistake for the feds ever to have gotten into the business of college financing at all.
I’d only add that it was not just a bad idea, but unconstitutional as well, even though Nancy Pelosi has sternly lectured us that questioning the constitutionality of things politicians want to do is “not serious”